Amount of discount could not be treated as expenditure.

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..... Statute: Income - Tax Act, 1961 Attention is invited to Board's Instruction NO. 496 (F.No. 204/20/72-ITA.II) dated 12-1-1973 wherein it was stated that the loss representing amount of discount grant .....

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..... e of issue of bonds at a discount, the amount of discount granted could not be treated as expenditure. 3. In view of above said judgement of the Madras High Court, the instruction No. 456 may be trea .....

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